Yuga Labs cuts staff; FriendTech developers reap nearly $20 million in fees

by MMC
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Yuga Labs, the company behind the popular NFT collection Bored Ape Yacht Club, announced today that it is undergoing a major restructuring to focus on its metaverse expansion project. As part of this process, the company laid off 20% of its staff, primarily in the marketing and customer support departments.

The company said in a blog post that the decision was not easy, but necessary to align with its long-term vision of creating an immersive and interactive metaverse for its community of Monkey owners and fans. The metaverse expansion, expected to launch in early 2024, will allow users to explore, socialize and create content in a virtual world based on the Bored Ape Yacht Club universe.

“We believe the Metaverse is the future of digital entertainment and social interaction, and we want to be at the forefront of this revolution,” said Daniel Alegre, CEO of Yuga Labs. “We are grateful for the contributions of our former employees and wish them all the best in their future endeavors.” »

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The Metaverse Extension is a revolutionary technology that allows users to seamlessly integrate their physical and digital environments, creating a hybrid reality that enhances their experiences and possibilities. With the Metaverse Extension, users can access the Metaverse from any device, anywhere, and at any time, without the need for specialized hardware or software. The Metaverse Extension also allows users to customize their avatars, environments, and interactions, creating a personalized and expressive Metaverse that reflects their identity and preferences.

The Metaverse Extension is powered by Yuga’s proprietary blockchain platform, which ensures the security, scalability and interoperability of the Metaverse. The blockchain platform also allows users to own and trade their digital assets, such as land, items and services, across the metaverse, creating a dynamic and dynamic economy that rewards creativity and innovation.

The blockchain platform also supports the development of decentralized applications (DApps) that run on the metaverse, providing users with a variety of entertainment, educational, and social options. The Metaverse Expansion Project is currently in its beta phase and is currently inviting selected users to join its testing and improvement.

The company also assured its customers that the restructuring would not affect the quality or delivery of its existing products and services, such as the Bored Ape Kennel Club, Mutant Ape Yacht Club and the upcoming Bored Ape comic strip. The company said it will continue to provide regular updates and support to its community through its website and social media channels.

Yuga Labs is one of the most successful NFT projects in the industry, having sold over 10,000 Bored Apes for a total revenue of over $500 million. The project has attracted celebrities such as NBA star Stephen Curry, rapper Post Malone and actor Jimmy Fallon, all of whom have purchased and displayed their own monkeys on social media. The project also gave rise to a vibrant secondary market, where some monkeys sold for millions of dollars. Yuga Labs is a leading metaverse development company, creating immersive and interactive virtual worlds that connect people around the world.

FriendTech developers reap nearly $20 million in fees

It’s been just over two months since FriendTech, the social media platform that pays its users for creating and sharing content, launched. And the results are impressive: according to the company, its developers have earned nearly $20 million in revenue thanks to the platform’s native cryptocurrency, FriendCoin, and fees.

FriendTech is a decentralized platform that runs on blockchain, a distributed ledger technology that records and verifies transactions without intermediaries. Users can create and join communities, post and comment on various topics, and earn FriendCoin for their engagement and contributions. Developers can also create and monetize apps on the platform, such as gaming, e-commerce, education, and more.

The platform’s co-founder and CEO says FriendTech’s mission is to enable users and developers to create value and profit from their online activities. “We believe social media should be more than just a place to consume content. It should be a place where users can create content, interact with others, and earn rewards for their efforts. And developers should be able to harness the power of social media to create innovative and profitable applications that meet user needs and interests,” he says.

He added that FriendTech’s revenue model is different from traditional social media platforms, which rely on advertising and data collection. “We do not sell ads or user data. We have no intermediaries or intermediaries. We simply share a portion of the platform’s revenue with our users and developers, based on their activity and performance. This way, everyone wins,” he says.

According to Smith, FriendTech has attracted more than 10 million users and 1,000 developers since its launch in August. He claims that the growth of the platform is based on word of mouth and organic referrals, as well as the quality and diversity of content and applications available on the platform. “We have a vibrant and engaged community of users who are passionate about various topics, such as sports, music, art, politics, video games, and more. And we have a pool of talented and creative developers who are constantly releasing exciting new applications that meet user preferences and needs,” he says.

One of the most popular apps on FriendTech is FriendGames, a gaming platform that allows users to play various games with their friends and earn FriendCoin for their achievements. The FriendGames developer claims to have made more than $1 million from the app since its launch in September. “I have always loved video games and wanted to create a platform that would make gaming more fun and rewarding for everyone. FriendGames is a way for users to play games with their friends, discover new games and earn money along the way,” she says.

He says she chose to develop on FriendTech because of its user-friendly and developer-friendly features. “FriendTech is very easy to use and integrate. It has a simple and intuitive interface that allows users to easily navigate and explore the platform. And it has a robust and flexible development environment that allows me to build and deploy applications quickly and efficiently,” she says.

She added that she is impressed by the support and feedback she receives from the FriendTech team and community. “The FriendTech team is very helpful and responsive. They provide me with technical assistance, marketing support and advice on how to improve my application. And the FriendTech community is very supportive and enthusiastic. They give me positive criticism, constructive suggestions and encouragement,” she says.

The founders say they are proud of the achievements of FriendGames and other developers on FriendTech. He says he hopes to see more developers join the platform and create more value for themselves and users. “We are always looking for new developers with innovative ideas and skills to offer. We welcome anyone who wants to join our platform and share our vision of creating a more enriching and enjoyable social media experience for everyone,” he says.

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